This commentary reflects the investment opinions and views of Phronimos Investments and should be read in the context of our investment strategy, which is intended for Wholesale and Sophisticated investors only. Any views or opinions expressed here are not intended as investment advice and do not take your personal circumstances into account. We strive to be factually accurate, but we do make errors from time to time. We typically comment only on securities that we currently own and therefore our interests may diverge from yours. Our views may also change with the passage of time, due to changing circumstances and security prices, and we make no commitment to update any previously expressed views. Please conduct appropriate research or consult a financial advisor before taking any action based upon anything you might read here.